USDJPY: Is Yen-Strength Sending a Signal as the US Yield Curve Inverts？

US Dollar, USDJPY, EURUSD Talking Points:

美元，美元兑日元，欧元兑美元谈话要点：

- Its been a wild week on short-term charts around the US Dollar, as the currency pushed down to a fresh monthly low, catching support at a bullish trend-line before moving towards the weekly close with two very strong days of price action. EURUSD was very much along for the ride, first running up to prior range resistance at 1.1448 at which point the music stopped and sellers took-control.

- 在美元周围的短期图表上，这是一个疯狂的一周，因为货币被推迟到一个新的月度低点，在看涨趋势线上获得支撑，随后在两周非常强劲的价格走势中走向每周收盘。欧元兑美元一路走高，首先跑到先前的区间阻力位1.1448，此时音乐停止了，卖家控制了。

- Yen-strength showed up after the FOMC rate decision this week; and when combined with the growing inversion in the US Yield Curve – it may be telling us something. Stocks and bonds in the US have been in full rally-mode and rarely do both markets see synchronized strength. Usually, bonds are ‘right,’ and with yield curve inversion punctuating the backdrop, there may be a case for reversals in US equities as the end of Q1 nears.

- 日元强势出现之后本周FOMC利率决定;当与美国收益率曲线中的反转增长相结合时 - 它可能告诉我们一些事情。美国的股票和债券一直处于全面反弹模式，两个市场很少看到同步强势。通常情况下，债券是“正确的”，并且随着收益率曲线反转的背景，随着第一季度末的临近，美国股市可能出现逆转。

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US Dollar Puts in a Wild Week; Goes Nowhere

美元投入狂野周;无处可去

It‘s been a climactic week in the US Dollar. The currency put in a strong bearish move around the FOMC rate decision on Wednesday of this week, and this pushed the currency all the way down to the bullish trendline that connects September and January swing-lows. Since then – buyers have very much remained in-charge over the past couple of days as the US currency has moved right back towards its weekly open price; making for a net result of a Doji for this week’s price action in USD.

这是美元的一个高潮周。本周三，该货币围绕FOMC利率决定出现强烈看跌走势，这使得该货币一路下行至连接9月和1月摆动低点的看涨趋势线。从那以后 - 由于美元已经回到每周开盘价，买家在过去几天仍然非常负责。本周的美元价格行动得出了十字星的净结果。

US Dollar Weekly Price Chart

美元每周价格走势图

Chart prepared by James Stanley

James Stanley编制的图表

Given the context of the above situation, with the ascending triangle formation in the US Dollar seeing a doji print after a failed test at support; the door can remain open to further topside in the US Dollar. This will likely be linked to another related theme in EURUSD, as the worlds most active currency pair also saw a fairly climactic week on the charts.

鉴于上述情况的背景，美元的上升三角形形成在支撑测试失败后看到十字星印刷;门可能继续向美元进一步上行。与欧元兑美元的另一个相关主题相关联，因为世界上最活跃的货币对也在图表上看到了一个相当高潮的一周。

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EURUSD Rebuffed at Range Resistance

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Two week ago, the European Central Bank signaled a course-correction when announcing another round of fresh TLTROs just a few months after announcing an exit from stimulus. The bank also cut growth and inflation forecasts, and this led to a brief but noticeable move of Euro weakness as EURUSD pushed below a range that had been in-place for four months.

两周前，欧洲中央银行在宣布退出刺激计划后几个月宣布新一轮TLTROs时，发出了修正过程的信号。该银行还下调了增长和通胀预测，这导致由于欧元兑美元跌破已经存在四个月的区间，因此欧元疲软的一个短暂而明显的举动。

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But support caught just hours after the announcement, and this is around the time that the US Dollar ran into resistance around the yearly highs: Since then, EURUSD put in a reversal that took-out the entirety of the ECB-fueled bearish move.

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EURUSD continued to rally into this week, eventually running up to prior range resistance around 1.1448, at which point sellers came back in and have continued to push since. This keeps eyes on EURUSD and whether the pair can continue down to fresh lows; doing what many expected but didnt see happen after that ECB rate decision earlier this month.

本周欧元兑美元继续反弹，最终突破前期区间阻力位1.1448附近，此时卖家重新回到并继续推动。这让人们关注欧元兑美元以及该货币对是否可以继续跌至新低;在本月早些时候的欧洲央行利率决定之后做了许多预期但没有看到的事情。

EURUSD Daily Price Chart

EURUSD每日价格图表

Chart prepared by James Stanley

图表由詹姆斯·斯坦利准备

Yen Strength Re-Emerges After FOMC, USDJPY to Fresh Monthly Lows

日元强势在FOMC之后重新出现，美元兑日元再次创下新的月度低点

One of the more notable items showing up this week has been re-emergence of Yen-strength; and when combined with the inversion in the US Treasury Yield Curve – this may be telling us something.

其中一个本周出现的值得注意的项目已经重新出现了日元强势;当组合在美国国债收益率曲线中反转 - 这可能告诉我们一些事情。

Yen-weakness has been a visible theme through most of 2019 trade, following a significant surge of strength in the currency as the New Year began. This came-in with a degree of correlation with the ‘risk on’ trade that saw US equities fly to fresh highs. But – this week has seen Yen-bulls come back into the picture and prices have already pushed all the way down to 110.00 in the pair; begging the question as to whether-or-not another round of risk aversion may be nearing.

在2019年的大部分交易中，日元疲软一直是一个明显的主题。随着新年的开始，货币的强势。这与美国股市创下新高的“交易风险”有一定程度的相关性。但是 - 本周已经看到日元多头回到了原点，价格已经一路下跌至110.00;乞求另一轮风险规避是否即将来临的问题。

USDJPY Eight-Hour Price Chart

美元兑日元八小时价格走势图

Chart prepared by James Stanley

James Stanley编写的图表

--- Written by James Stanley, Strategist for DailyFX.com

---由DailyFX.com策略师James Stanley撰写